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PSX: Bears color the bourse red on week’s first trading day!

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4th trading day

KARACHI: A number of reasons including political noise – mainly caused by the corruption cases against Sharif clan – have disturbed investors on the week’s first working day.

As a result Benchmark KSE-100 Index closed at 41,240 shedding 196 points. Rs. 3.7b worth of 87.4m shares changed hands today. Value of the shares of 205 augmented, 115 plummeted and 27 remained stagnant.

Communication, Engineering and Textile Sectors led the trade with 15.4m, 10.6m and 8.1m shares respectively.

Today’s top five traders of shares were: TRG Pak Ltd., 13m shares (+4.10pc); Azgard Nine, 7.5m shares (+0.84pc); Dost Steels Ltd., 7.0m shares (+1.20pc); Dewan Motors, 3.4m shares (+4.94pc); Engro Polymer XD, 2.8m shares (+1.85pc).

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15 countries attending Int’l plastic products expo in Tehran

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TEHRAN: Iranian Deputy Petroleum Minister Reza Norouzzadeh and other officials from the country’s oil and petrochemical industry participated in the inauguration ceremony of the ‘Iran Plast’ exhibition.

The biggest-of-its-kind in the Middle East, the exhibition hosts as well as visitors from 22 countries. Iranian petrochemical companies are planned to engage with their peers in other countries during the event.

The 12th edition of Iran Plast exhibition is underway in Tehran International Permanent Fairground.  The four-day event is expected to wrap up on Thursday, 27th September. 

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Business

USCS leads Pak businessmen to Solar Power Trade Event in US!

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KARACHI: The United States Commercial Service (USCS) is leading a 15-member delegation of Pakistani companies to Solar Power International (SPI) trade show, held in Anaheim, California from September 25 – 27, 2018. 

The SPI trade show is the largest solar show in North America.  SPI 2018 is expected to attract over 650 exhibitors and over 20,000 attendees from more than 100 countries.  Focused on providing the latest updates and information for the solar energy industry, SPI features multi-track conference sessions and workshops on business and market trends, solar storage, utility, and grid integration. 

“The Pakistani market is poised to take off in Solar Power, guided by a motivated government working to strengthen and expand economic and foreign investment opportunities and development,” said Mark Russell, Commercial Counselor at the U.S. Consulate in Karachi.”

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Asia

Chinese industrialists to invest $400 m in Sindh

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China to set up universities in Pakistan

HYDERABAD: The industrialists belonging to China’s Chongqing Federation of Industry and Commerce will invest $400 million in several trade and industrial projects in Hyderabad and other parts of Sindh.
The federation’s representative Zhang Yang informed a press conference at the office of Hyderabad Chamber of Commerce and Industry (HCCI) here Sunday that a memorandum of understanding (MoU) has already been signed in this regard. Yang informed that the MoU, which would last for 5 years, was signed between the Federation and HCCI in China in May this year.
He said under the MoU the investments would be made in steel, textile, and clothing, real estate, agriculture, tourism, education and training, municipal and solid waste disposal sectors. “We have declared Chongqing and Hyderabad as the friendly cities,” he told, adding that up to 34 industries and investors from Chongqing would make their investments in the joint ventures in Hyderabad and other cities of Sindh.
He told that the industrialists from the 2 cities had already maintained a promising cooperation in the industry. “We now want to further bolster the business ties in the steel, textile, real estate, and other sectors,” Yang said. He said Chongqing was a beautiful city in China and that it was home to the automobile and motorbike industry.
The Chinese businessmen said Hyderabad was a favorite place for investment where the Chinese industrialists intended to introduce advanced technology. He informed that Hyderabad was selected for the investment after HCCI submitted investment proposals to the federation. “This MoU is part of the CPEC as 34 Chinese companies will be making investments in various sectors,” former HCCI president Seth Goharullah said.
The HCCI’s vice president Ziauddin, who signed the MoU with his Chinese counterparts earlier in China, apprised that a formal agreement between the mayors of Chongqing and Hyderabad would be signed in October in Pakistan. He told that the Chinese delegations would visit Hyderabad and sign agreements with the local companies. According to him, a sub-office of the federation was also established in Hyderabad’s SITE area and it would also be inaugurated in October. The office bearers and members of HCCI were present on the occasion.

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